Financial worries
We're by your side when the going gets tough. Businesses are facing huge challenges right now. Many are struggling to make ends meet. And some are starting to fall behind with payments to suppliers, loan instalments, rent and other things.
If the above sounds familiar, we want you to know that we’ll do what we can to help. Here we’ll guide you through the support available if you are falling behind on payments or worried that you might.
You can also get help with Managing business costs and uncertainty, including:
- Support with managing inflation, costs and cash flow
- In partnership with Mental Health UK - tips and guidance on building mental resilience
- Adapting or making changes to your business
Our four promises to all business customers
Support you can expect from us
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Mark Silvester, Head of Credit, Business Support Unit, Bank of Scotland
We know that most businesses face some form of difficulty at some point.
The Bank of Scotland Business Support Unit is here to help should that happen to you.
It’s a dedicated team trained to offer empathetic support and even look out for your mental health. Even if you’re a smaller or one person business, we have a dedicated team to help.
The golden rule is to reach out to us sooner rather than later. And in most cases the businesses we work with manage to get back on track and into good financial health.
For further support, call 0800 302 9946 or contact your Relationship Manager.
Some concerns you may have
I'm worried that if I tell you about the problems my business is having, you'll withdraw my loan or cut off future credit.
We're here to help - not to hinder you. We'll talk through your situation to understand it, and then provide support where we can. As a responsible lender we need to ensure the funding available to our customers is appropriate to their individual circumstances. So we'll work with you to understand your circumstances and tailor funding appropriately.
I'm concerned if I tell you about my money worries, it may hinder my ability when trying to obtain credit elsewhere?
We're here to help. Talking to us, or an independent organisation, won't affect your credit file. If any of the options may affect your credit file and hinder your ability to gain credit, then we’ll explain what this means for you before we agree anything.
My account is in debt recoveries. What do I need to do?
You should have been contacted by our debt recovery team, Recoveries Commercial Banking, or an appointed Debt Collection Agent to explain the next steps. If you want to get in touch with them please contact the number on your letter quoting the reference number. If you don't have this information, please contact us on 0345 072 5555.
I'm worried about having to deal with a debt collection agency.
We sometimes ask Debt Collection Agencies to help our customers find a way to repay money they owe. The Agencies we use are very experienced in helping customers do this. They are acting on our behalf and will always treat you fairly and sensitively.
I'm worried that someone will turn up at my door and demand money.
No-one acting on our behalf would ever turn up unannounced demanding money.
Build mental resilience
Developed in partnership with Mental Health UK, our new hub page provides tips and guidance for improving mental health and building resilience to help set you and your business up for success.
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There are some great charities and other organisations that can help with issues ranging from financial advice to mental wellbeing.
Business Debtline
Business Debtline is the UK’s only free dedicated debt advice service for people who are self-employed and other small business owners.
- Telephone: 0800 197 6026
- www.businessdebtline.org
Federation of Small Businesses (FSB)
The FSB is non-profit making organisation promoting and protecting the interests of the self-employed and owners of small firms by offering access to services which help you protect your business, can save you money and those that can help you look to grow your business.
- Telephone: 01253 336000
- www.fsb.org.uk
MoneyHelper
MoneyHelper has been set up by the government to provide free and impartial money advice in person, over the phone and online. They offer guides to help improve your finances along with tools and calculators to help you keep track and plan ahead.
- Telephone: 0800 138 7777
- www.moneyhelper.org.uk/en
UK Finance
UK Finance is the leading trade association for the UK banking sector with their core priorities in helping customers both consumers and business, promoting growth and raising standards. Providing information on the current economy and providing a variety of training workshops and events.
Step Change (Debt Charity)
Step Change offers free debt advice that is based on a thorough review of your situation. They will then provide practical help and support for however long it’s needed.
- Telephone: 0800 138 1111
- www.stepchange.org/
Business Emergency Resilience Group 10 Minute Plan
To help businesses prepare for, respond to and recover from emergencies, Business in the Community, the charity of which Lloyds Banking Group is a member, has produced a 10 minute plan. As seen with the recent floods in Cumbria, the increasing prevalence of cybercrime and the terrorist attacks in Paris, business can be significantly disrupted. This plan provides a framework on how to manage these emergencies.
Mental Health UK
1 in 4 people in the UK has experienced a mental health problem. Mental Health UK brings together over 40 years of expertise from four national mental health charities to provide advice, information and support.
Citizens Advice Bureau (CAB)
The CAB provides free, confidential, impartial information and advice on a wide range of debt and benefits issues, face to face. Check your local phone book or Yellow Pages for the nearest Citizens Advice Bureau, or visit the Citizens Advice website for your area.
Small Business Commissioner
20% of small businesses have run into cash-flow problems due to late or unfair payments. The Small Business Commissioner can help smaller business handle payment problems they have with their larger business customers. They can also help with checking contracts and getting invoices right.
If you’re a small business with fewer than 50 employees, they may be able to help you.
National Enterprise Network
National Enterprise Network provides help and support for new, small and growing businesses in England, with a particular emphasis on start-ups and micro businesses.
- Telephone: 0190 860 5130
- www.nationalenterprisenetwork.org/
The Insolvency Service
The Insolvency Service is the government online resource to provide guidance on personal and company insolvency.
- Telephone: 0300 678 0015
- www.bis.gov.uk/insolvency
The Farming Community Network
The Farming Community Network is a voluntary organisation & charity that supports farmers and families within the farming community with personal or business-related issues. They run a confidential, national helpline and e-helpline which is open every day of the year from 7am to 11pm with volunteers who provide free, confidential, pastoral and practical support to anyone who seeks help.
- Telephone: 03000 111 999
- www.fcn.org.uk
- Email: help@fcn.org.uk
While all reasonable care has been taken to ensure that the information provided is correct, no liability is accepted by Lloyds Bank for any loss or damage caused to any person relying on any statement or omission. This is for information only and should not be relied upon as offering advice for any set of circumstances. Specific advice should always be sought in each instance.